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H. B. No. 459 As IntroducedAs Introduced
128th General Assembly | Regular Session | 2009-2010 |
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Cosponsors:
Representatives Yuko, Harwood, Domenick, Mallory, Letson, Derickson, Williams, B., Murray, Boose, Okey, Harris
A BILL
To amend sections 135.21 and 5705.10 and to enact
section 503.211 of the Revised Code to authorize a
board of township trustees to require that
interest earned on a special fund be credited to
that special fund, rather than to the general
fund.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 135.21 and 5705.10 be amended and
section 503.211 of the Revised Code be enacted to read as follows:
Sec. 135.21. All investment earnings on money included
within a public deposit of a subdivision and belonging to
undivided tax funds shall, except as otherwise expressly provided
by law, be apportioned by the auditor pro rata among the separate
funds or taxing districts in the proportions in which they are
entitled to receive distribution of such undivided tax funds, due
allowance being made for sums transferred in advance of
settlements. All investment earnings from other moneys deposited
by a treasurer, which by reason of being custodial funds, or
funds
belonging in the treasury of a taxing, assessment, or other
district of which the treasurer is acting as ex officio
treasurer,
or for
any other reason, do not belong in the treasury of the
state or
subdivision shall, except as provided in section 135.351
of the
Revised Code, be apportioned among and credited to the
funds to
which the principal sums of such deposits or investments
belong.
All other investment earnings, except as provided in
section
135.351 of the Revised Code and or by resolution adopted
pursuant to
section 503.211, 3315.01, or 3375.391 of the Revised
Code, shall be
credited to the
general fund of the county,
municipal corporation, township,
taxing district, assessment
district, or other local authority to
which the principal sum
thereof belongs.
All investment earnings on money included within the state
treasury shall be credited as provided in section 113.09 of the
Revised Code.
The director of budget and management shall inform the
treasurer of state in writing of the amount apportioned by the
director to each fund or account in the state treasury. The
auditor of a subdivision shall inform the treasurer of the
subdivision in writing of the amount apportioned by the
auditor to
each
fund, district, or account.
Sec. 503.211. A board of township trustees of any township,
by resolution adopted by a majority of its members, may require
the county treasurer to credit the interest earned on the
investment of the principal of any special fund specified in the
resolution to that special fund.
This section does not apply to the interest earned on the
investment of any bond retirement fund or any sinking fund.
Sec. 5705.10. (A) All revenue derived from the general levy
for current expense within the ten-mill limitation, from any
general levy for current expense authorized by vote in excess of
the ten-mill limitation, and from sources other than the general
property tax, unless its use for a particular purpose is
prescribed by law, shall be paid into the general fund.
(B) All revenue derived from general or special levies for
debt
charges, whether within or in excess of the ten-mill
limitation,
which is levied for the debt charges on serial bonds,
notes, or
certificates of indebtedness having a life less than
five years,
shall be paid into the bond retirement fund; and all
such revenue
which is levied for the debt charges on all other
bonds, notes,
or certificates of indebtedness shall be paid into
the sinking
fund.
(C) All revenue derived from a special levy shall be credited
to a special fund for the purpose for which the levy was made.
(D) Except as otherwise provided by resolution adopted
pursuant
to section 3315.01 of the Revised Code, all revenue
derived from
a source other than the general property tax and
which the law
prescribes shall be used for a particular purpose,
shall be paid
into a special fund for such purpose. Except as
otherwise
provided by resolution adopted pursuant to section
503.211 or 3315.01 of the
Revised Code or as otherwise provided by
section 3315.40 of the
Revised Code, all revenue derived from a
source other than the
general property tax, for which the law does
not prescribe use
for a particular purpose, including interest
earned on the
principal of any special fund, regardless of the
source or
purpose of the principal, shall be paid into the general
fund.
(E) All proceeds from the sale of public obligations or
fractionalized interests in public obligations as defined in
section 133.01 of the Revised Code, except premium and accrued
interest, shall be paid into a special fund for the purpose of
such issue, and any interest and other income earned on money in
such special fund may be used for the purposes for which the
indebtedness was authorized or may be credited to the general
fund
or other fund or account as the taxing authority authorizes
and
used for the purposes of that fund or account. The premium
and
accrued interest received from such sale shall be paid into
the
sinking fund or the bond retirement fund of the subdivision.
(F) Except as provided in division (G) of this section, if a
permanent improvement of the subdivision is sold, the
amount
received from the sale shall be paid into the sinking
fund, the
bond retirement fund, or a special fund for the
construction or
acquisition of permanent improvements; provided
that the proceeds
from the sale of a public utility shall be paid
into the sinking
fund or bond retirement fund to the extent
necessary to provide
for the retirement of the outstanding
indebtedness incurred in the
construction or acquisition of such
utility. Proceeds from the
sale of property other than a
permanent improvement shall be paid
into the fund from which such
property was acquired or is
maintained or, if there is no such
fund, into the general fund.
(G) A township that has a population greater than fifteen
thousand according to the most recent federal decennial census and
that has declared one or more improvements in the township to be a
public purpose under section 5709.73 of the Revised Code may pay
proceeds from the sale of a permanent improvement of the township
into its general fund if both of the following conditions are
satisfied:
(1) The township fiscal officer determines that all
foreseeable public infrastructure improvements, as defined in
section 5709.40 of the Revised Code, to be made in the township in
the ten years immediately following the date the permanent
improvement is sold will have been financed through resolutions
adopted under section 5709.73 of the Revised Code on or before the
date of the sale. The fiscal officer shall provide written
certification of this determination for the township's records.
(2) The permanent improvement being sold was financed
entirely from moneys in the township's general fund.
(H) Money paid into any fund shall be used only for the
purposes for which such fund is established.
Section 2. That existing sections 135.21 and 5705.10 of the
Revised Code are hereby repealed.
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